its used for smart contracts and it defines a common list of rules a token has to implement for the ability to program how new tokens will function within Ethereum…
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What are the benefits of setting a token standard like ERC20?
Having a token standard such as ERC-20 allows for developers to easily integrate their design into platform. The benefit also extends to wallets and exchanges being able to list ERC-20 token easily. -
What functions are in the ERC20 Token Standard Interface and what do they do?
name = Name of token contract
symbol = Symbol of the token contract
totalSuply = Returns the sum of all balances (Circulating Supply)
balanceOf() = This provides the number of tokens held by a given address
transfer() = Transfer token from owner account to another account
approve() = This gives another address approval to transfer stated amount of token from their balance
allowance() = This provides the amount of which the spender can withdraw from owner
transferFrom() = Transfer token from senders account
doSomething() = Instruction to carry out
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Hi sorry, I did not know you wanted a few types of token standard
- What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf() provides the number of tokens in a given address.
transfer() transfer a specified number of tokens from one address to another.
approve() provides another layer of confirmation, by having another address approval to transfer a certain amount of funds from the given address.
allowance() works together with approve() function. It is the maximum amount that agreed to be transferred by another address via the approve() function.
transferFrom() is the function that is actually invoked to perform the transferring of funds by another address.
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- What are the benefits of setting a token standard like ERC20?
All the tokens can interact with each other. Like speaking the same language. - What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf () shows the total balance available
, transfer () transfer directly from sender to another address the reciever the amount
, dosomething() what is to be done
, approve() amount of tokens allowed to be transfered
, transferfrom() the amount available for transfer
, allowance() what is allowed
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1 - Setting a token standard allows all other software that interact with them, be it an exchange, a wallet, a Dapp, to use them immediately, after just adopting that one standard. It also stimulates the creation of new tokens, since the standard is well known and assures usability and therefore (potential) value.
2 - totalsupply(), balanceOf(), transfer(), allowance() are some of them.
- It means that as long as your code confirms to the standard then it can run on the ethereum network just like ETH itself. It is fungible also and can be exchanged for ETH.
totalSupply() - Returns the total token supply.
balanceOf()- Returns the account balance of another account
transfer()- Transfers an amount of tokens to an address
transferFrom()- used for a withdraw workflow, allowing contracts to transfer tokens on your behalf
approve()- Allows a spender to withdraw from your account multiple times up to a specified amount
allowance()- Returns the amount which a spender is still allowed to withdraw from an account
and a few more optional methods
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It is a standardised programming language which enables smart contracts and their tokens to communicate with each other.
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The functions of ECR20 are to find the balance of an Ethereum address - balanceOf( ), to transfer between different addresses - transfer( ). Finally approve a smart contract and transfer accordingly - approve ( ) , transferFrom ( )
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The benefits of using ERC20 is that tokens built to that standard will implement a common set of functions allowing the token to be directly supported in wallets, exchanges etc
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totalSupply() returns how many tokens are in circulation
balanceOf(address) returns the balance of tokens for the specified address
transfer(address,uint256) transfers the specified amount of tokens to the specified address
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It ensures that all wallets and exchanges that are programmed for the ERC20 standard can communicate with each other.
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“totalSupply” and “balanceOf” are two examples of functions within the ERC20 standard code. totalSupply just states how many tokens are in circulation, while balanceOf shows how many tokens there are at a specific address
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2. What functions are in the ERC20 Token Standard Interface and what do they do?
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balanceOf() : provides the number of tokens held by a given address.
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transfer() : transfers a number of tokens directly from the message sender to another address.
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transferFrom() : transfers a number of tokens directly from an account to another address. Used with approve() function.
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approve() : approval to transfer up to a certain number of tokens, known as an allowance.
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allowance() : provides the number of tokens allowed to be transferred from a given address by another given address.
Hope this gives you a clear view of the subject, keep learning! 
If you have any doubt, please let us know so we can help you!
Carlos Z.
got it, thanks! 
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- The benefits of setting a token standard are Universality & common understanding for all using the ERC20 token platform. Instructions can be recognised across all tokens.
- some functions are: Balance() gives the balance of an account.
TotalSupply() gives the total number of outstanding tokens
transfer() transfers a token to another address
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Task in the ERC20 token standard.
What are the benefits of establishing a token standard like ERC20?
If the standardization of the tokens are established this allows easy communication within the ecosystem, this allows interoperability.
What functions are in the standard ERC20 token interface and what do they do?
We can mention some functions like:
Totalsuply (): indicates the total supply of the token.
BalanceOf (): This provides the number of tokens that the address has.
Transfer: token transfer.
Allowed: provides us with the number of allowed tokens that will be transferred from one address to another address.
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Hello see correction below…thank you
BalanceOf() Provides the number of tokens held by a given address.
Transfer() Transfers a number of tokens directly from the message sender to another address.
Do Something() It completes the action that is ordered by owner of the operation.
Approve() A function that the owner uses to confirm the transaction after the other address has been provided and confirmed.
Transfer From() FX when the owner provides another address approval and moves on to the next step.
Allowance() This provides the number of tokens allowed to be transferred from a given address by another given address.
Transfer() This emits details of the movement of tokens from one address to another.
Approval() gives the detail of approvals of tokens from one address to another. These can be used to keep track of balance and allowance changes for addresses without needing to poll the blockchain.
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responded to your email… 
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- Everyone can communicate clearly and effectively so that the wallets and exchanges can operate efficiently.
2.gives the (balance of) address accounts. the (total supply) of ERC20 tokens and (transfer) balances to another public address with the (approval function), (approval) permission to transfer a certain amt of tokens known as an allowance. (allowance) provides the number of tokens allowed to be transferred from a given address by another given address. Thank you for making me realize i hadn’t answered the whole question.
- What are the benefits of setting a token standard like ERC20?
The benefit of setting a token standard is that everything matches. A tokens can be stored in the same wallets, and exchanges and Dapps can all communicate with each other.
- What functions are in the ERC20 Token Standard Interface and what do they do?
totalSupply() Shows how man tokens in circulation
balanceOf() Will show you the balance of given address
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1. What are the benefits of setting a token standard like ERC20?
That will be easy for wallets or exchanges to accept the token as they use the same naming code.
2. What functions are in the ERC20 Token Standard Interface and what do they do?
balanceOf () gives the balance of an specific adress
totalsupply shows the total ammount of tokens
transfer () move tokens from one adress to another directly
approve () gives information (an adress) form which the smart contract can take tokens to do operations
allownce () gives a top ammount of tokens that can be taken to pay the operation.
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2. What functions are in the ERC20 Token Standard Interface and what do they do?
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balanceOf() : provides the number of tokens held by a given address.
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transfer() : transfers a number of tokens directly from the message sender to another address.
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transferFrom() : transfers a number of tokens directly from an account to another address. Used with approve() function.
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approve() : approval to transfer up to a certain number of tokens, known as an allowance.
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allowance() : provides the number of tokens allowed to be transferred from a given address by another given address.
Hope this gives you a clear view of the subject, keep learning!
If you have any more questions, please let us know so we can help you!
Carlos Z.
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2. What functions are in the ERC20 Token Standard Interface and what do they do?
Yes sir(s), but could you please describe what those functions do?
If you have any more questions, please let us know so we can help you!
Carlos Z.